Custom fonts can be used in Windows Phone 8 HTML5 apps in the same way as they are used on websites and other mobile platforms' webviews. There are two things to watch out for,
Within Visual Studio make sure that the font's Properties>Advanced>Build Action is set to "Content" so it is copied to the device when the project is built and deployed.
Make sure that the font you are using is licensed for embedding and that the embeddable flag in the truetype font is set to 0 to allow embedding. iOS and Android ignore this embeddable tag but IE10 respects it.
You can inspect the embeddable flag of any truetype font using the open-source TTFEdit. You can make a font embeddable by changing the value in View>Show>Advanced>Legal rights for embedding to 0 and re-saving it. Only change the flag if the font is licensed for embedding.
I've tested with a number of truetype fonts with no problem. My only issue so far has been when including the font-awesome library where the src: values in font-awesome.min.css needed changing to fix a bug in IE10 mobile. When using font-awesome,
src:url('../fonts/fontawesome-webfont.ttf?v=4.0.3') won't work. src:url('../fonts/fontawesome-webfont.ttf') will.